The present value of $500 to be received 9 years from now discounted back to the present at 10 percent is$enter your response here. (Round to the nearest cent.)

Kirk Van Houten, who has been married for 21 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $13,000 in9 years. Kirk currently has $4,508 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?

The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is ___%.

(Round to two decimal places.)